Auckland – Kiwi Income Property Trust’s $91m
redevelopment of Northlands shopping centre is continuing to
prove itself as a sound investment, with stage two of the
project having being fully leased ahead of schedule.

This
follows the success of stage one also being leased ahead of
schedule, and is now being talked about in the retail
sector. Stage two of Northlands redevelopment combines 47
retailers within a new fashion precinct and foodcourt. The
foodcourt will have seating for 500 customers.

Kiwi Income
Property Trust’s chief executive, Angus McNaughton said
Northlands is a good example of the Trust’s retail
investment strategy in action, building on the existing
value of its retail assets to generate stronger returns for
unit holders.

Stage one of Northlands opened fully leased
on time and on budget in July. Stage two of construction is
well underway and is on schedule for completion in early
November.

Just some of the leading fashion labels include
Kimberley’s, Moda Bella, Just Jeans, Rodd & Gunn, Staxs,
Pascoes, Portmans, Max, Colorado and Overland.

Wendy's
Supa Sundaes NZ Master Franchisee Steve Clansey said they
have been extremely pleased with the level of business they
have experienced since the opening of stage one at
Northlands.

“In August, the Northlands outlet had the
highest sales of all stores across Australia and New
Zealand,” he said.

Mr McNaughton said the calibre of the
tenants and the level of interest in the centre is a
testament to the overall quality of the
redevelopment.

“The redevelopment is helping to re-weight
our overall portfolio more in favour of retail assets and
will ensure that the Trust continues to be one of the most
balanced and solid investments New Zealanders can have in
their portfolio.”

The leasing of Stage three is well
underway, with key retail outlets secured including
Glasson’s, Levi’s and Jay Jay’s.

When the Northlands
redevelopment is completed, it will feature over 130 shops
with 40,700 square metres of retail space and will become
the largest enclosed shopping centre in New
Zealand.

About Kiwi Income Property Trust

Kiwi
Income Property Trust’s aim is to maximise returns for its
unit holders through the careful acquisition and
professional management of its property portfolio. All net
income (after tax) is distributed to unit holders in each
financial year.

The Trust is New Zealand’s largest listed
property vehicle, with $925 million invested in prime
retail, office and industrial assets located throughout New
Zealand. The Trust is ranked 13th on the NZX’s top 50
companies, and reported a 3.2% increase in net income after
tax to NZ$44.75 million for the year to 31 March
2003.

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